Montenegro has decided to extradite South Korean citizen Hyeong Do Kwon, the founder of Terraform Labs, known as the “King of Cryptocurrencies,” to the United States. Kwon, who was arrested in Podgorica two years ago, is wanted by both the US and South Korea and could face charges in Singapore as well.
Montenegrin courts had issued several contradictory rulings regarding his fate. In September, the Supreme Court of Montenegro ruled that Kwon could be extradited either to the US or South Korea, leaving the final decision to the Minister of Justice, Bojan Bozovic, reports RFE.
On December 24, Kwon lost his final appeal at the Constitutional Court of Montenegro, solidifying the decision for his extradition to the US. According to the Ministry of Justice, the criteria for extradition favored the United States, based on the severity of the criminal acts, legal procedures, and the location of the offenses.
Kwon and his business partner, Chang Jun, were arrested on March 23, 2023, when they attempted to board a private flight to Dubai using counterfeit passports. Kwon was sentenced to four months in prison for document forgery, while Chang Jun was extradited to South Korea earlier this year.
In October, Kwon claimed that the charges from South Korea were politically motivated. In the US, Kwon and Terraform Labs were found liable for defrauding investors and reached an agreement to pay $4.5 billion in a settlement with the SEC.
